The world’s largest for gold
Barrick Gold Corporation (ABX), the world’s largest gold producer, produces and sells gold as well as significant amounts of copper. Barrick has the largest quantity of gold reserves totaling 93.0 million ounces as of December 2014. It also has 9.6 billion pounds of copper reserves.
Barrick is one of the lowest-cost gold producers. It produced 7.2 million ounces of gold in 2013 at an all-in sustaining cost (or AISC) of $834 per ounce. Barrick is among the lowest three producers in terms of gold production costs.
The company has operating mines and projects in Canada, the United States, the Dominican Republic, Australia, Papua New Guinea, Peru, Chile, Argentina, Zambia, Saudi Arabia, and Tanzania.
The above chart shows that Barrick Gold has the highest reserve base followed by Newmont Mining (NEM) and Goldcorp (GG). Reserves for Yamana Gold (AUY) and Agnico Eagle Mines (AEM) are comparatively small at less than 20 million ounces.
Barrick’s ten operating units
Barrick is organized into the following ten operating units:
- Five gold mines: Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, and Veladero
- Two gold mine portfolios: North America, Other and Australia Pacific
- 9% equity interest in African Barrick Gold plc (ABG)
- One global copper business
- One project: Pascua-Lama
Barrick Gold’s peers
Barrick Gold’s (ABX) peers in the gold and copper markets include Goldcorp (GG), Newmont Mining Corp (NEM), Kinross Gold Corporation (KGC), Yamana Gold, Inc. (AUY), Agnico Eagle Mines (AEM), and Freeport-McMoRan Inc. (FCX), among others.
The chart above shows the gold reserves of major gold companies. The VanEck Vectors Gold Miners ETF (GDX) invests in all of the above stocks. The SPDR Gold Trust (GLD) is the world’s largest physical gold-backed ETF that tracks the price of spot gold.